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Malaysia will gradually close the factories of Top Glove, the world’s largest manufacturer of rubber gloves. After finding more than 2,000 workers infected with the new corona virus While news of factory closures dragged down the best prices, share prices fell 7.5% today (November 24).
The top glove made a record profit this year. Due to the increasing demand for medical gloves and protective equipment from the COVID-19 epidemic
Nur Hisham Abdullah, Director General of the Malaysian Department of Health announced that the 28 TOP Glove factories will be gradually closed. After the detection of 2,453 workers with COVID-19 out of 5,767 who were evaluated.
“All employees who have a positive result are admitted to the hospital. Close person who has already entered the quarantine process. To prevent the transmission of infection to others “ Noorhisham said.
Of the 2,524 positive people in the group, the vast majority were factory workers. There are 2,360 foreigners and 164 Malays.
Malaysian Security Minister Ismail Sabriyagob said the government will gradually order a step-by-step closure of the Topgolf plant on the advice of the Ministry of Health. Facilitate screening and quarantine of infected people. But he did not specify a clear time frame
Top Glove has sent a notice to the Stock Exchange that the company has suspended production at 16 plants since last Wednesday, the remaining 12 have significantly reduced production.
Last week the Malaysian government issued an order for a 14-day shutdown in west Kuala Lumpur, where Top Grove’s manufacturing plants and work rooms are located, until November 30.
Analysts hope the move will not have an impact on Top Glove’s expected earnings. But the situation may need to be reassessed if the number of infectious agents in the factory grows so rapidly that restrictions need to be further extended.
The number of daily infections in Malaysia has been on the rise since October, prompting the government to reactivate travel restrictions. The cumulative number of COVID cases as of Monday (23) was 56,659.
Source: Reuters
